Assembly Bill A5018

2023-2024 Legislative Session

Updates value capture mechanisms for NYC and the MTA

download bill text pdf

Sponsored By

Current Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2023-A5018 (ACTIVE) - Details

See Senate Version of this Bill:
S4417
Current Committee:
Assembly Corporations, Authorities And Commissions
Law Section:
General Municipal Law
Laws Affected:
Amd §119-r, Gen Muni L; amd Part PP §3, Chap 54 of 2016

2023-A5018 (ACTIVE) - Summary

Updates value capture mechanisms for NYC and the MTA, including transparency requirements; makes such provisions permanent.

2023-A5018 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5018
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 27, 2023
                                ___________
 
 Introduced  by  M.  of  A.  MAMDANI  --  Multi-Sponsored  by -- M. of A.
   CARROLL,  FORREST,  GALLAGHER,  MITAYNES,  RAGA,  SEAWRIGHT,  SEPTIMO,
   SHRESTHA,  SIMONE -- read once and referred to the Committee on Corpo-
   rations, Authorities and Commissions
 
 AN ACT to amend the general municipal  law,  in  relation  to  adjusting
   value capture mechanisms for New York city and the metropolitan trans-
   portation authority, including transparency requirements; and to amend
   part PP of chapter 54 of the laws of 2016, amending the general munic-
   ipal  law relating to the New York transit authority and the metropol-
   itan transportation  authority,  in  relation  to  making  such  value
   capture mechanisms and transparency requirements permanent
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraph f of subdivision 1 of section 119-r of the gener-
 al municipal law, as amended by section 2 of part PP of  chapter  54  of
 the laws of 2016, is amended to read as follows:
   f.  The  making  of  a  contract  with the metropolitan transportation
 authority, by itself or with one or more other municipal corporations to
 assist the authority in meeting its capital  or  operating  expenses  in
 providing mass transportation services of benefit to all or part of such
 municipal corporation, including undertaking a mass transportation capi-
 tal  project  in  or  near  the  municipal corporation. Such a municipal
 corporation may, according to the terms of the contract with the author-
 ity, establish, levy and collect taxes, assessments, and/or charges  and
 may  conditionally  or  unconditionally grant or pledge a portion of its
 revenues allocated according to subdivision  e  of  this  section.  Such
 municipal  corporation may designate mass transportation capital project
 districts that a municipal corporation finds, after conducting a  public
 hearing,  will  benefit  from  an identified mass transportation capital
 project.
   (I) (1) AT LEAST TWO WEEKS PRIOR TO  CONDUCTING  SUCH  PUBLIC  HEARING
 UNDER  THIS  SUBDIVISION,  THE  MUNICIPAL  CORPORATION SHALL PRODUCE AND
 PUBLISH ON ITS WEBSITE TWO SEPARATE ANALYSES THAT INCLUDE:  (A)  REVENUE
 PROJECTIONS  FOR  THE  DISTRICT  BASED ON HISTORIC PROPERTY TAX DATA AND
 
              

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